From crowdfunding to crypto-companies, capital-holders began to create firms in the FinTech-industry, it is showing unprecedented growth potential still being in its fancy. There’re as yet no determined laws relating to virtual means, but crypto-currencies may be used in a number of operations. To be able to act legally, firms need to possess such a permission as a crypto license in Italy. Below you can find out more about all the conditions for obtaining it.
Set up a cryptocurrency company in Italy: main accessible activities
It will be mandatory to pass registration, regardless of who wants to work with virtual currencies in Italy, whether an individual or an organization. This process isn’t complicated, but there’re some features that differ depending on the choice of activity-scope. Crypto-license gives entrepreneurs opportunities to be involved in next-mentioned:
- crypto-mining;
- crypto-trading or investments;
- acceptance of payments in crypto-means;
- releasing crypto-currencies using blockchain technology.
If you still decide to open a cryptocurrency company in Italy, then do not forget to pay attention to the Anti Illegal Money Circulation Law established by local governmental bodies and international organizations.
Registration of crypto-firms consists of collecting and submitting necessary documents listed in Commercial Code. In order to be able to create, use or sell crypto-currencies, you need to get a permit, such as a Italy cryptocurrency exchange license prior to starting your activity. Additionally, your company will be required to maintain proper accounting records and timely submit a certain list of documents to tax-authorities.
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From crowdfunding to crypto-companies, capital-holders began to create firms in the FinTech-industry, it is showing unprecedented growth potential still being in its fancy. There’re as yet no determined laws relating to virtual means, but crypto-currencies may be used in a number of operations. To be able to act legally, firms need to possess such a…
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From crowdfunding to crypto-companies, capital-holders began to create firms in the FinTech-industry, it is showing unprecedented growth potential still being in its fancy. There’re as yet no determined laws relating to virtual means, but crypto-currencies may be used in a number of operations. To be able to act legally, firms need to possess such a…
Crypto regulation in Italy: Anti-Money Laundering Directive
There isn’t separate law for crypto in Italy, but there’re norms for illegal money circulation prevention for deals with digital currencies. It states next-mentioned:
- given the lack of a legal-framework, certain risks related to crypto-currencies exist; therefore norms for illegal money circulation prevention and successive additional acts need to be observed;
- special attention is paid to confidential data in deals with crypto-currencies: firms are needed to use improved security mechanisms performing any crypto-exchange operations.
Thus, everyone who is exchanged in crypto-trading must follow the given laws and get crypto exchange license in Italy to act legally.
New decrees for Italy cryptocurrency sector
Recently, Economy and Finance Ministry presented a special order concerning the enrollment in a separate section of everyone who provides crypto-services locally. Organismo Agenti e Mediatori is the establishment enforcing illegal money circulation prevention norms and controlling all deals with virtual currencies.
If you decide to open a crypto exchange in Italy, then you need to familiarize yourself with all laws and rules for passing OAM registration. This process is quite difficult to complete correctly, so we recommend that you contact our specialists, and they’ll deal with getting a permission for your crypto-company.
Reporting for crypto-firms in Italy
Crypto-services providers are needed to follow a specific list of reporting duties, which include:
- reports with all transactions being sent to OAM. It’s mandatory to indicate all exchange-currencies for each client;
- reports with all data about clients.
It’s essential to remember crypto-companies not registered with the OAM and start operating without an Italy exchange cryptocurrency license are subject to sanctions. Amount of such a fine can be 10,000 euros or even more. In order to be sure of the correct collection and filing of forms and all actions for registering an organization, turn to our specialists.If you intend to get any information as for opening a cryptocurrency company in Italy, we’ll be happy to advise you. If you need support in submitting documentation for registering a firm, or accounting services, we are ready to provide them to you. In addition, we have an extensive list of shelf businesses and licenses for sale.